Скачать или смотреть Reliance Retail: Lockdown hurts performance, no news about Future

When Reliance Industries first announced its result board meet date, and then pushed it back by almost a week, the buzz about the impending deal with Future Retail grew louder. One cannot say how the stock(s) will react to the Q1 performance or the absence of a deal announcement, but the fact that Reliance Retail's performance was ahead of the market (despite a weak set) speaks a lot about the company's resilience even amid tough times.

Retail business' revenue was down 17% YoY, EBIT declined 47% YoY and margins also took a hit. The company implemented cost management initiatives to offset the impact of lower profits from lower sales, especially in the Consumer Electronics and Fashion and Lifestyle segments which were significantly hit. However, since phased unlocking, the Consumer Electronics business is seeing strong signs of recovery, and so is the Jewelry division. During Q1, Reliance Retail also launched JioMart to serve essential grocery needs, Reliance Digital was activated & AJIO was scaled up as well to cater to online demand. Grocery segment continued to see strong customer traction as stores remained open. The company also highlighted how JioMart has been leveraging the network of Reliance Retail's grocery stores and well-established supply chain infrastructure as it aims to become India's largest hyperlocal retail solution.

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